Singulex said it has received a debt facility of up to $40 million from Oxford Finance and Silicon Valley Bank. Based in Alameda, Calif., Singular, which is backed by OrbiMed Advisors, Fisk Ventures and Jafco Co., is a developer of biomarker diagnostic systems.
ALAMEDA, Calif.–(BUSINESS WIRE)–Singulex, Inc., the leading provider of Single Molecule Counting (SMC™) technology for scientific discovery and clinical testing services, today announced it has secured a debt facility for up to $40 million from Oxford Finance and Silicon Valley Bank. In June 2013, the Company also raised $15 million in equity financing. The Company will use the funding to advance the development and commercialization of a global in vitro diagnostics business based on Singulex’s SMC technology.
“Our proprietary Single Molecule Counting technology has enabled us to build two successful businesses: Life Science Research Tools and Cardiovascular Testing Services, both of which utilize our Erenna first-generation instrument,” said Guido Baechler, President and Chief Executive Officer of Singulex. “With the proceeds from our financing in June and this debt facility, we are now in a solid position to fund the development and regulatory approval of a fully-automated diagnostic instrument and assays for the global market. Expansion into the in vitro diagnostics market is a key milestone in our long-term growth strategy.”
About the Erenna Platform
The Erenna Research Use Only platform, powered by Singulex’s proprietary SMC technology, detects low-abundance biomarkers and pathogens with sensitivity and precision that has not previously been achievable, even detecting single molecules at the femtogram level. The technology’s ability to measure small changes in biomarkers, such as cardiac troponin I, cytokines, and other inflammatory markers, and to monitor these changes over time has expanded the clinical utility of established markers while providing researchers and clinicians the opportunity to gain insights from discovery to clinical applications in cardiovascular disorders and other diseases.
About Singulex, Inc.
Singulex’s vision is to transform chronic disease management, improving patient care and health while reducing healthcare costs. Singulex’s proprietary SMC platform significantly increases the diagnostic and prognostic power of established biomarkers. This enables physicians to individualize treatment strategies, monitor effectiveness of therapy and encourage patient adherence through feedback. Improved patient outcomes and the reduced need for costly, invasive diagnostic procedures translate into healthcare cost savings. The Singulex CLIA-certified laboratory offers a comprehensive menu of advanced cardiovascular disease testing to physicians in the U.S. At leading pharmaceutical R&D laboratories, academic institutions and clinical research organizations (CROs) around the world, Singulex’s SMC technology is powering discovery and development of innovative diagnostics and treatments for chronic diseases such as cardiovascular disease, Alzheimer’s, arthritis and diabetes. For further information, visit www.singulex.com.
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $2 billion in loans, with lines of credit ranging from $500 thousand to $50 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in California, Illinois, Massachusetts and North Carolina. For more information visit www.oxfordfinance.com.
About Silicon Valley Bank
Silicon Valley Bank (www.svb.com) is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and six international operations.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.